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ABANDONMENT
contracts. In insurances the
act by which the insured
relinquishes to the assurer all the property to
the thing insured.
2.- No particular form is required for an
abandonment, nor need it be in
writing, but it must be explicit and
absolute, and must set forth the
reasons upon which it is
founded.
3.-It must also be made in reasonable time after the
loss.
4.-It is not in every case of loss that the insured can abandon.
In the
following cases an abandonment may be made: when there is a total
loss,
when the voyage is lost or not worth pursuing, by reason of a peril
insured
against or if the cargo be so damaged as to be of little or no
value, or
where the salvage is very high, and further expense be necessary,
and the
insurer will not engage to bear it or if what is saved is of less
value
than the freight, or where the damage exceeds one half of the value
of the
goods insured or where the property is captured, or even detained by
an
indefinite embargo , and in cases of a like nature.
5.-The
abandonment, when legally made transfers from the insured to the
insurer
the property in the thing insured, and obliges him to pay to the
insured
what he promised him by the contract of insurance. 3 Kent, Com.
265, 2
Marsh. Ins. 559Pard. Dr. Coin. n. 836 et seq.Boulay Paty, Dr.
Com.
Maritime, tit. 11, tom. 4, p. 215.
Source: Bouviers Law Dictionary 1856 Edition
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